Ever since the dawn of crypto, the biggest questions regarding the currencies have been in regards to security and legitimacy. Reasonable concerns, given that, no one is 100% sure who actually invented Bitcoin, the market is about as unpredictable as a craps table, and exchanges have more security issues than a zone 6 mall. Despite these facts, crypto-crazies are quick to talk about how it's more secure than the banking system because of its decentralization.
And more importantly, crypto got a jolt of good news this morning to add to the cries of legitimacy we hear from all over the internet.
CFA Institute, whose grueling three-level program has helped train more than 150,000 financial professionals, is adding topics on cryptocurrencies and blockchain to its Level I and II curriculums for the first time next year. Material for the 2019 exams will be released in August, giving candidates their first opportunity to start logging a recommended 300 hours of study time.
CFA added the topics, part of a new reading called Fintech in Investment Management, after industry participants showed surging interest in surveys and focus groups. The worlds of finance and crypto have become increasingly intertwined after last year’s Bitcoin boom, with regulated futures now trading in Chicago, blue-chip firms like Goldman Sachs Group Inc. dabbling in digital assets, and scores of Wall Streeters joining crypto-related startups.
This is great news for cryptocurrencies everywhere. They have been seeking legitimacy among the big banks of Wall Street, ever since the great crypto boom of 2017. But what people fail to realize, is that this news is terrible for people who have yet to pass the CFA exam. As if it wasn't hard enough to pass the test already, now prospective analysts have to learn about the ridiculousness that is the blockchain. Yes, your tech-savvy cousin explained it at Christmas, but that was smonths ago, and you were buzzing hard after that 3rd glass of eggnog.
BlackRock Inc (BLK.N) Chief Executive Larry Fink on Monday said the world’s largest asset manager has assembled a working group to look at blockchain technology and cryptocurrencies, such as bitcoin, but cautioned he does not see massive investor demand.
When asked if he’s ready to start investing in cryptocurrencies, he called them, “more of an index of money laundering than anything more than that.”
Although he was quick to criticize Bitcoin, he was a believer in the powers of blockchain technology, and now it's coming full circle. The news sent Bitcoin up almost 4% this morning. A large rally, considering Bitcoin's consistent decline since its all-time high of almost $20,000 back in December.
The future of cryptocurrency is uncertain at the moment, but news such as this may lead the incredibly sketchy currency to a bright future in the coming years.
Is Bitcoin Safe? Renowned Investor Tim Draper Believes So [CryptoCurrency News]